The Palatka daily news. (Palatka, Fla.) 1884-1888, 1887-06-18
MORE CASH WHEAT RECEIPTS
THAN WERE ANTICIPATED.
The Clique Firm Of kershaw Co. Can Get no
Money-The Panic Believed to Be oser-A Rail-
road Demands Cash for Freight Charges

old business. An active shipping de-
mand existed. orders coming from vari-
ous points. Some large purchases of
cash wheat were made though there was
some inclination to keep matters as quiet
as possible. The receipts continue quite
large, but to a considerable extent, COM
prise loadings before the break in prices
occurred here. July wheat opened at
734@74c, and declined to 73@73tc, at
which figure it remain pretty firm until
noon, when the failure of III. +. Wad-
hams q Co. was announced. The firm
had a good many trades open, probably
POO, 900 or 100000 bushels side, and
when the stuff came on the market 1T
broke to pieces and made the market
weak for the rest of the forenoon July
declined to r.. and during the balance
of the morning session did not get above
72ac.t Much the same conditions pre-
vailed in the market for June wheat
as for July. 1t opened at 72 but de-
clined to 10g, when the break in July
the afternoon session, and July closed at
72s and June at II.
MUST HAVE CASH.
For the first time in the history of the
road, the Rock Island Railroad Company
demanded cash deposits to cover all
freight charges on grain shipments. The
roads action caused quite stir among
shippers.
Corn ruled rather quiet during most
of the day, and though at one time there
was moderate trading, the feeling
early in the day was quite firm
under fair demand. Commission brok-
ers are receiving good many buying
orders on counter account, and there be-
ing better demand from local specu-
iators, July opened at 37s, sold down to
1863 and closed at 37t. There was only a
slight speculative movement in oats,
and the market failed to attract many
spectators.
A quiet and rather easy feeling pre-
vailed in theprovision market, and lower
prices were accepted. Offerings
were somewhat larger on behalf
of outside parties, who desired to
realize at the recent advance, while the
demand was limited from all sources.
The undertone of the market indicated
weakness. with little inclination to make
speculative transactions, ami trading
was chiefly in contracts for July and Au-
gust delivery. July short ribs opened at
S7.474 and closed at $7.32A, the lowest
figure of the day. July lard opened az
$7.524 and closed Mt $6.92t, also the low
est figure of the day.
Brokers in the pit are careful to pick
men with whom they do business and
pay and even 4c more to get the names
of rich and strong houses.
A member of one of the clique firms in
conversation with n reporter cleared up
some of the secrets of the attempted
wheat corner. The clique had about
four million dollars of its own money
here with which to margin cash wheat
and options. There never was a mo-
ment, up to last Monday, where there
was any hitch in monetary matters.
The trouble arose, probably, from the
enormous arrivals of cash wheat. 1t had
not been anticipated that cash
wheat receipts in June would
average more than 800 cars per day, or
aggregate more than 1900 for the month.
There were 5000 cars received i'm the first
portant calculation had miscarried. Cash
wheat absorbed the clique's money about
twice as fast rs was expected. That
there was some uneasiness, however,
among the clique brokers a week ago
was evidenced by their many trips to
Cincinnati. Green was there last Thurs
day and Friday and Saturday. DeWar,
kershaws partner, was there last
Friday, Johnston, of Rosenfeld Il Co,
was there last Saturday and Sunday.
On last Monday, June 13, if none of the
clique orders We're bucket shopped
they had besides 10000 900 bushels of
cash wheat, 81 900. 900 bushels of unset
tied June options.
Joe Wiltshire got here on Saturday,
and an interview at a hotel that night
was held between Kershaw, Green. of
Irwin, Green x Co., johnson, of Rosen-
field x Co, Wiltshire and Hoyt. 1t is
denied that there were any sensational
developments at that meeting, but Wilt
shire was n little nervous. He left for
Cincinnati, promising that funds would
be wired i'm the morning. Wiltshire saws
that there was no such pressure rs
Rosenfeld & Cos. claim on Tuesday
morning on clique business, but it came
from the holding byR osenfeld Il Co, OF
taller wheat. The cliques money came
from Cleveland, Philadelphia, Cincin-
natl and New York. The 5000, ,0OG
brought here "Wednesday consisted OF
four $1O0, 900 drafts of the Fidelity Bank
of Philadelphia, and letter of credit fol
5000, 200 from the Fidelity Bank, of Gin
cinnati The only money ever taken out
of town by the clique was S25O,OoO paid
over by Rosenfeld & Co. to Wiltshire on
June 3, and before Kershaw had sold
that block of 5000, 900 bushels of JUNE
wheat.
Joe Wiltshire, the clique representa-
tive, is good looking man of forty-five
years His left eye is like Ben Butler S,
For five months Wiltshire was in Libby
Prison and was once drawn to be shot.
In quietly talking over his troubles with
his lawyer. Wednesday, he said that in
his forty-eight hours experience at Chi
cago he found was incomparably worse